SmartHeat Soars but Catalyst Unclear (Update 1)
Updated from 3:29 p.m. ET to add the company's statement and closing share price.
The reason behind the investor exuberance is a bit murky. The China-based company, which makes clean tech heating equipment, reported its fiscal 2011 results after Monday's close, swinging to a deep loss from last year as sales dropped nearly 50% and it recorded heavy charges from goodwill impairment.
The positives appear to be its report of a strong sequential rise in sales in the fourth quarter, and management commentary that it believes a demand slowdown in China will be "temporary." SmartHeat also said it's undertaken restructuring efforts, including staff reductions, and is tightly controlling costs.
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